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<br />.. ~ ... .. I r . ..J I j WI <br /> <br />LLnVLI~"V~ln ~ ~M~r <br /> <br />I~U. I 'L <br /> <br />r. L <br /> <br />LEAVENWORTH & KARP, P.C. <br />ATIORNEYS AT LAW <br /> <br />LOYAL E. LEAVENWORTH <br />SANDER N. KARP <br />DAVID C, HALLFORD <br />DAVID H, McCONAUGHY <br /> <br />lOll ORAND AVENUE <br />P.O.DRAWER2030 <br />GLENWOOD SPRINGS, COLORADO 81602 <br />Telephone: (970) 945-2261 <br />Facsilllile: (970) 945-7336 <br />lldawall~ODIis.net <br /> <br />DENVER OFFICE:" <br />WAZllE IlXCHANGEBUILDING <br />1900 WAZEE STREET, STE. 203 <br />DENVER, COLORADO 80202 <br />Telephone: (303) 825.3995 <br />l'aesimile: (303) 825.3997 <br /> <br />SUSANW. LAATSCH <br />JAMBS S. NEU <br />JUlll! C. SERQUIST <br />NICOLE D. GARRlMONE November 2, 2002 <br />ANNA S.ITENBERG <br />MICHAEL J. SAwYER <br />TERESA L. HOCK <br />JOSLYNV. WOOD <br />OjCounseJ <br />Colorado Water Conservation Board <br />Department of Natural Resources <br />1580 Logan Street, Suite 750 <br />Denver, Colorado 80203 <br /> <br />.(please direct all comspoMen.e <br />to our Glenwood Springs Off...) <br /> <br />Re: Loan Contract No. ClSOl06 dated October 2, 2002 by and between the State of <br />Colorado for the use and benefit of The Department of Natural Resources, Colorado <br />Water Conservation Board ("CWCB" and/or "State") and The Glenwood Irrigation <br />Company, a Colorado Ditch Company ("Borrower") relating to a small project loan <br />in the maximum amount of Three Hundred Eighty Six Thousand Dollars ($386,000) <br />(the "Transaction"). <br /> <br />Ladies and Gentlemen: <br /> <br />We have acted as general counsel to Borrower in connection with the loan evidenced by the <br />Loan Contract and Note and are delivering the opinions in this letter at Borrower's request <br /> <br />DEFINITIONS <br /> <br />As used herein, the follOwing terms shall have the following meanings: <br /> <br />"Beneficiary" means the holder, from time to time, of the Deed of Trust. <br /> <br />"Deed of Trust" means the Deed of Trust dated November 2, 2002 executed by the Borrower for <br />the benefit of CWCl3 and the State as security for the Note. <br /> <br />"Incumbency Certificate" means the Glenwood Irrigation Company Incumbency Certificate dated <br />November 2, 2002 executed by !he SecretMy/Treasurer and the President ofBoITower and attached <br />hereto as Exlnbit A. <br /> <br />"Loan" means the loan to B<lrrower evidenced by the Note. <br /> <br />"Loan Documents" means the documents identified in items 1-5 below. <br /> <br />"Property" means the property encumbered by the Deed of Trust. <br /> <br />I:\2002\C1ill::W\Gl~\OpiD.i0lJ Lc:uca.wpd <br />